OPEN-SOURCE SCRIPT
Bitcoin NUPL Indicator
The Bitcoin NUPL (Net Unrealized Profit/Loss) Indicator is a powerful metric that shows the difference between Bitcoin's market cap and realized cap as a percentage of market cap. This indicator helps identify different market cycle phases, from capitulation to euphoria.
// How It Works
NUPL measures the aggregate profit or loss held by Bitcoin investors, calculated as:
```
NUPL = ((Market Cap - Realized Cap) / Market Cap) * 100
```
// Market Cycle Phases
The indicator automatically color-codes different market phases:
• **Deep Red (< 0%)**: Capitulation Phase - Most coins held at a loss, historically excellent buying opportunities
• **Orange (0-25%)**: Hope & Fear Phase - Early accumulation, price uncertainty and consolidation
• **Yellow (25-50%)**: Optimism & Anxiety Phase - Emerging bull market, increasing confidence
• **Light Green (50-75%)**: Belief & Denial Phase - Strong bull market, high conviction
• **Bright Green (> 75%)**: Euphoria & Greed Phase - Potential market top, historically good profit-taking zone
// Features
• Real-time NUPL calculation with customizable smoothing
• RSI indicator for additional momentum confirmation
• Color-coded background reflecting current market phase
• Reference lines marking key transition zones
• Detailed metrics table showing NUPL value, market sentiment, market cap, realized cap, and RSI
// Strategy Applications
• **Long-term investors**: Use extreme negative NUPL values (deep red) to identify potential bottoms for accumulation
• **Swing traders**: Look for transitions between phases for potential trend changes
• **Risk management**: Consider taking profits when entering the "Euphoria & Greed" phase (bright green)
• **Mean reversion**: Watch for overbought/oversold conditions when NUPL reaches historical extremes
// Settings
• **RSI Length**: Adjusts the period for RSI calculation
• **NUPL Smoothing Length**: Applies moving average smoothing to reduce noise
// Notes
• Premium TradingView subscription required for Glassnode and Coin Metrics data
• Best viewed on daily timeframes for macro analysis
• Historical NUPL extremes have often marked cycle bottoms and tops
• Use in conjunction with other indicators for confirmation
// How It Works
NUPL measures the aggregate profit or loss held by Bitcoin investors, calculated as:
```
NUPL = ((Market Cap - Realized Cap) / Market Cap) * 100
```
// Market Cycle Phases
The indicator automatically color-codes different market phases:
• **Deep Red (< 0%)**: Capitulation Phase - Most coins held at a loss, historically excellent buying opportunities
• **Orange (0-25%)**: Hope & Fear Phase - Early accumulation, price uncertainty and consolidation
• **Yellow (25-50%)**: Optimism & Anxiety Phase - Emerging bull market, increasing confidence
• **Light Green (50-75%)**: Belief & Denial Phase - Strong bull market, high conviction
• **Bright Green (> 75%)**: Euphoria & Greed Phase - Potential market top, historically good profit-taking zone
// Features
• Real-time NUPL calculation with customizable smoothing
• RSI indicator for additional momentum confirmation
• Color-coded background reflecting current market phase
• Reference lines marking key transition zones
• Detailed metrics table showing NUPL value, market sentiment, market cap, realized cap, and RSI
// Strategy Applications
• **Long-term investors**: Use extreme negative NUPL values (deep red) to identify potential bottoms for accumulation
• **Swing traders**: Look for transitions between phases for potential trend changes
• **Risk management**: Consider taking profits when entering the "Euphoria & Greed" phase (bright green)
• **Mean reversion**: Watch for overbought/oversold conditions when NUPL reaches historical extremes
// Settings
• **RSI Length**: Adjusts the period for RSI calculation
• **NUPL Smoothing Length**: Applies moving average smoothing to reduce noise
// Notes
• Premium TradingView subscription required for Glassnode and Coin Metrics data
• Best viewed on daily timeframes for macro analysis
• Historical NUPL extremes have often marked cycle bottoms and tops
• Use in conjunction with other indicators for confirmation
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オープンソーススクリプト
TradingViewの精神に則り、この作者はスクリプトのソースコードを公開しているので、その内容を理解し検証することができます。作者に感謝です！無料でお使いいただけますが、このコードを投稿に再利用する際にはハウスルールに従うものとします。
免責事項
これらの情報および投稿は、TradingViewが提供または保証する金融、投資、取引、またはその他の種類のアドバイスや推奨を意図したものではなく、またそのようなものでもありません。詳しくは利用規約をご覧ください。